KARACHI, Aug 4: Share market finished the weekend session on a bullish note as leading shares tended further higher across-the-board on active follow-up support ahead of board meetings of United Bank and Shell Pakistan early next week and market talk of higher payouts. The KSE index gained another 105 points at 10,773.00 points.

An idea of dividend-driven rally may well be had from the fact that investors were not inclined to take even a normal technical breather associated with weekend sessions.

The KSE 100-share index confidently breached through the psychological barrier of 10,700 and analysts predict the dividend-driven sustained run-up could push it to the next bull target of 11,000-level possibly by the next week.

It ended with a fresh smart rise of 105.09 points at 10,772.58 as compared to 10,558.32 a day earlier as all the leading base shares tended further higher on active follow-up support.

A steep rise in the index at the weekend session, which generally attracts profit-selling from the weak-holders indicates that the current buying euphoria could gather fresh momentum as board meetings of some of the leading companies are due during the next week.The board meetings of the United Bank and Shell Pakistan are due on Aug 6 and 7 respectively and persistent rise in their share values reflects that payouts may be much higher than the previous year, analysts said.

Shell Pakistan is expected to follow the PSO performance, which has announced a cash dividend of 340 per cent as it had operated on the identical market conditions following all-time high world oil rates and inventory gains.

United Bank, in which Dubai-based Bank Alfalah has 50 per cent stakes and is expected to be listed on the Dubai bourse shortly, could follow the big ones including National Bank and MCB.

Leading cement shares, whose board meetings are due, are also in strong demand under the lead of D.G.Khan Cement and some others, showing persistent rise. But weekend selling allowed them to finish with clipped gains.

But what worries analysts is the post-dividend scenario. The big question being asked whether the run-up could be sustained or not?

Leading gainers were led by Wyeth Pakistan and Shell Pakistan, up by Rs50 and Rs29.65, followed by Pakistan Refinery, National Refinery, Glaxo-SKF and AKD Securities, which were quoted higher by Rs9 to Rs13.45. Other good gainers included Adamjee Insurance, Hino Pakistan Motors Lakson Tobacco, National Bank and Dawood Hercules.

Losers were led by Al-Ghazi Tractors and Shell Gas, off Rs6.10 and Rs16 followed by Arif Habib Securities, Javed Omer, IGI Insurance and some others, off Rs4.75 to Rs5.

Trading volume rose to 254.091m shares as compared to 217m shares a day earlier but gainers held a strong lead over the losers at 163 to 107, with 33 shares holding on to the last levels.

PTCL topped the list of actives, up by Rs1.20 at Rs45.85 on 31m shares followed by National Bank, higher by Rs6.10 at Rs239.55 on 29m shares, OGDC, firm by Rs1.05 at Rs143.90 on 20m shares, D.G. Khan Cement, lower 85 paisa at Rs100.55 on 19m shares, Pakistan Petroleum, higher by 75 paisa at Rs257.75 on 13m shares, MCB, up by Rs1.35 at Rs235.70 also on 13m shares and Pakistan Oilfields, up by Rs2.50 at Rs371.80 on 10m shares.

Other actives were led by Fauji Fertiliser Bin Qasim, lower 50 paisa on 15m shares, Telecard, firm by 65 paisa on 13m shares and Union Bank, higher by Rs2.05 on 10m shares.

FORWARD COUNTER: PTCL also came in for active support on the cleared list on reports of its listing on the Dubai bourse and was quoted higher by Rs1.10 at Rs46.10 on 8m shares followed by National Bank, sharply higher by Rs5.75 at Rs241.50 on 7m shares and Telecard, firm by 50 paisa at Rs13.20 also on 7m shares.